BackAdvanta India to raise up to Rs750 crore
Advanta India to raise up to Rs750 crore
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New Delhi: Advanta India, which is engaged in the seed business, on Friday announced its plans to raise up to Rs750 crore through various means.
In a filing to the Bombay Stock Exchange, the company said that its board of directors has approved “to initiate steps for raising funds not exceeding Rs750 crore through various instruments".
The company would explore with the merchant bankers and advisors the most expeditious way of raising funds and seek the approval of shareholders through enabling resolution, the filing added.
Advanta India Ltd is associate firm of United Phosphorus, a leading agrochemical company. Advanta India is the holding company for the global business of Advanta.
The company had posted a net profit of Rs28 crore over a turnover of Rs650 crore for the financial year ended 31 December, 2009.
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